Qualify these guys…

[kev374]

Submit a MAXIMUM loan amount YOU THINK, in YOUR opinion these guys should get. Then state what you think they will get qualified for in today’s lending environment:

Case 1:
Married, dual income, 2 kids
Household Income – $65,000/yr
Debts: Car loan outstanding – $19,000,
cc – $7,500 total
FICO: 675
Cash down: $10,000 (represents entire savings)
Other Assets: 401k/IRA – $4,000

Case 2:
Single, no kids
Household income – $120,000/yr
Debts: none
FICO: 785
Cash down: $45,000 (represents entire savings)
Other Assets: 401k/IRA – $28,000

[pk92108]

My uneducated guess:

Case 1 – Should qualify for 300 K…will not qualify now.

Case 2 – Should qualify for 700 k…might get 500 K

am i close??

[sdrealtor]

Care 1 should be ok up to about 225K.
Case 2 should be Ok up to 450K.

[sdrealtor]

Care 1 should be ok up to about 225K.
Case 2 should be Ok up to 450K.

[sdrealtor]

Care 1 should be ok up to about 225K.
Case 2 should be Ok up to 450K.

[sdrealtor]

Care 1 should be ok up to about 225K.
Case 2 should be Ok up to 450K.

[pk92108]

My uneducated guess:

Case 1 – Should qualify for 300 K…will not qualify now.

Case 2 – Should qualify for 700 k…might get 500 K

am i close??

[pk92108]

My uneducated guess:

Case 1 – Should qualify for 300 K…will not qualify now.

Case 2 – Should qualify for 700 k…might get 500 K

am i close??

[pk92108]

My uneducated guess:

Case 1 – Should qualify for 300 K…will not qualify now.

Case 2 – Should qualify for 700 k…might get 500 K

am i close??

[Raybyrnes]

Family 1 should be able to qualify for up to $486,625 in a non targeted area or 594,764 in a targeted area on New Construction. For resale non targeted they could probably look at up to 543,859 in a non targeted area or up to $664,716 in a targeted area. They can get into these program through the CHAFA Loan Program if they are a first time homebuyer becaue they meet the eligible income requirements.

Family two is subject to market rates. They don’t qualify for CHAFA becaue their income is too high. For this family I would think they are subject ot conforming loan limits which puts there maximum loan amounts twards 450000. There 45K would reduce the loan amount under 417000 but they might still have problems with the 20% down. I would still think that a sub prime or superprime might lend money up to this dollar amount.

[kev374]

Ray, so you’re saying Family 1 will get a higher loan despite higher debt/lower income because their income qualifies for some kind of housing program? (CHAFA)?? Isn’t that ass backwards?

[Raybyrnes]

kev374

Didn’t say that it makes sense. I am just looking at the qualification and family 1 qualifies for Chafa First time home owner program and Family 2 does not.

From a lender standpoint California is willing to step in and buy the one loan so they have a market to sell the loan too so there is less risk from a lender standpoint on family 1 then there is on fmaily 2. Family 2 has better traditional lending standard but the secondary market for these loan pools is drying up so they are less likely to qualify for money.

Again, I am not making a judgement here. I am just stating what I think the dollar amount s would be. Do you ahve the answer to the question? I find this interesting. You clearly asked because you or someone you know is presented with a scenario similiar to what you are describing.

[guitar187]

Neither scenario has enough information.

You need complete employment information for the correct answer. Also, they have 10k from their savings account and then an additional 4k 401k? Or they are using their 401k as well? Why is the FICO 675? What else is on their bureau. What is their DTI?

There is a reason a COMPLETE 1003 is required. If you give partial information, you will get a partially correct answer.

[guitar187]

Neither scenario has enough information.

You need complete employment information for the correct answer. Also, they have 10k from their savings account and then an additional 4k 401k? Or they are using their 401k as well? Why is the FICO 675? What else is on their bureau. What is their DTI?

There is a reason a COMPLETE 1003 is required. If you give partial information, you will get a partially correct answer.

[guitar187]

Neither scenario has enough information.

You need complete employment information for the correct answer. Also, they have 10k from their savings account and then an additional 4k 401k? Or they are using their 401k as well? Why is the FICO 675? What else is on their bureau. What is their DTI?

There is a reason a COMPLETE 1003 is required. If you give partial information, you will get a partially correct answer.

[guitar187]

Neither scenario has enough information.

You need complete employment information for the correct answer. Also, they have 10k from their savings account and then an additional 4k 401k? Or they are using their 401k as well? Why is the FICO 675? What else is on their bureau. What is their DTI?

There is a reason a COMPLETE 1003 is required. If you give partial information, you will get a partially correct answer.

[Raybyrnes]

kev374

Didn’t say that it makes sense. I am just looking at the qualification and family 1 qualifies for Chafa First time home owner program and Family 2 does not.

From a lender standpoint California is willing to step in and buy the one loan so they have a market to sell the loan too so there is less risk from a lender standpoint on family 1 then there is on fmaily 2. Family 2 has better traditional lending standard but the secondary market for these loan pools is drying up so they are less likely to qualify for money.

Again, I am not making a judgement here. I am just stating what I think the dollar amount s would be. Do you ahve the answer to the question? I find this interesting. You clearly asked because you or someone you know is presented with a scenario similiar to what you are describing.

[Raybyrnes]

kev374

Didn’t say that it makes sense. I am just looking at the qualification and family 1 qualifies for Chafa First time home owner program and Family 2 does not.

From a lender standpoint California is willing to step in and buy the one loan so they have a market to sell the loan too so there is less risk from a lender standpoint on family 1 then there is on fmaily 2. Family 2 has better traditional lending standard but the secondary market for these loan pools is drying up so they are less likely to qualify for money.

Again, I am not making a judgement here. I am just stating what I think the dollar amount s would be. Do you ahve the answer to the question? I find this interesting. You clearly asked because you or someone you know is presented with a scenario similiar to what you are describing.

[Raybyrnes]

kev374

Didn’t say that it makes sense. I am just looking at the qualification and family 1 qualifies for Chafa First time home owner program and Family 2 does not.

From a lender standpoint California is willing to step in and buy the one loan so they have a market to sell the loan too so there is less risk from a lender standpoint on family 1 then there is on fmaily 2. Family 2 has better traditional lending standard but the secondary market for these loan pools is drying up so they are less likely to qualify for money.

Again, I am not making a judgement here. I am just stating what I think the dollar amount s would be. Do you ahve the answer to the question? I find this interesting. You clearly asked because you or someone you know is presented with a scenario similiar to what you are describing.

[kev374]

Ray, so you’re saying Family 1 will get a higher loan despite higher debt/lower income because their income qualifies for some kind of housing program? (CHAFA)?? Isn’t that ass backwards?

[kev374]

Ray, so you’re saying Family 1 will get a higher loan despite higher debt/lower income because their income qualifies for some kind of housing program? (CHAFA)?? Isn’t that ass backwards?

[kev374]

Ray, so you’re saying Family 1 will get a higher loan despite higher debt/lower income because their income qualifies for some kind of housing program? (CHAFA)?? Isn’t that ass backwards?

[Raybyrnes]

Family 1 should be able to qualify for up to $486,625 in a non targeted area or 594,764 in a targeted area on New Construction. For resale non targeted they could probably look at up to 543,859 in a non targeted area or up to $664,716 in a targeted area. They can get into these program through the CHAFA Loan Program if they are a first time homebuyer becaue they meet the eligible income requirements.

Family two is subject to market rates. They don’t qualify for CHAFA becaue their income is too high. For this family I would think they are subject ot conforming loan limits which puts there maximum loan amounts twards 450000. There 45K would reduce the loan amount under 417000 but they might still have problems with the 20% down. I would still think that a sub prime or superprime might lend money up to this dollar amount.

[Raybyrnes]

Family 1 should be able to qualify for up to $486,625 in a non targeted area or 594,764 in a targeted area on New Construction. For resale non targeted they could probably look at up to 543,859 in a non targeted area or up to $664,716 in a targeted area. They can get into these program through the CHAFA Loan Program if they are a first time homebuyer becaue they meet the eligible income requirements.

Family two is subject to market rates. They don’t qualify for CHAFA becaue their income is too high. For this family I would think they are subject ot conforming loan limits which puts there maximum loan amounts twards 450000. There 45K would reduce the loan amount under 417000 but they might still have problems with the 20% down. I would still think that a sub prime or superprime might lend money up to this dollar amount.

[Raybyrnes]

Family 1 should be able to qualify for up to $486,625 in a non targeted area or 594,764 in a targeted area on New Construction. For resale non targeted they could probably look at up to 543,859 in a non targeted area or up to $664,716 in a targeted area. They can get into these program through the CHAFA Loan Program if they are a first time homebuyer becaue they meet the eligible income requirements.

Family two is subject to market rates. They don’t qualify for CHAFA becaue their income is too high. For this family I would think they are subject ot conforming loan limits which puts there maximum loan amounts twards 450000. There 45K would reduce the loan amount under 417000 but they might still have problems with the 20% down. I would still think that a sub prime or superprime might lend money up to this dollar amount.

[The OC Scam]

Should be…

Case 1 250 K

Case 2 500 K

But you know it is…

Case 1 400 k

Case 2 666+ k

little devils

[The OC Scam]

Should be…

Case 1 250 K

Case 2 500 K

But you know it is…

Case 1 400 k

Case 2 666+ k

little devils

[The OC Scam]

Should be…

Case 1 250 K

Case 2 500 K

But you know it is…

Case 1 400 k

Case 2 666+ k

little devils

[The OC Scam]

Should be…

Case 1 250 K

Case 2 500 K

But you know it is…

Case 1 400 k

Case 2 666+ k

little devils

[Author]

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